A trade deficit allows a country to:
A. produce more than it consumes.
B. produce up to the level of desired consumption.
C. consume more than it produces.
D. consume up to the level of potential production.
Answer: C
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The United States was able to produce temporarily outside its production possibilities curve for several years during World War II by doing which of the following?
A. Recruiting housewives to work in tank and airplane factories. B. Convincing workers who qualified for retirement to put off retirement. C. Pressing older machinery and equipment into use. D. Expansion of the work week. E. All of the choices are true
In 2008, as the economy moved into a recession,
A) cyclical unemployment increased. B) structural unemployment decreased. C) natural unemployment decreased. D) frictional unemployment was not affected. E) the number of marginally attached workers decreased.
Economic bads are items
A) for which the produced quantity is less than the amount desired at a positive price. B) for which the desired quantity is less than what nature provides at a zero price. C) that individuals desire but which receive social disapproval. D) that receive social approval but which governments dislike.
Members of the Board of Governors of the Federal Reserve System are appointed for life
a. True b. False Indicate whether the statement is true or false